Northrop Grumman Corporation

NOC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$81,380	$68,373	$70,592	$83,976	$60,901	$47,944	$54,119	$38,532	$48,288	$36,594	$29,707	$30,775	$26,314	$16,800	$16,187	$17,449	$16,174	$13,668	$24,377	$21,233	$19,440	$17,737	$17,549	$9,896	$7,826	$5,315	$3,403	$4,548	$6,960	$4,696	$3,397	$1,449	$1,595	$1,463	$1,123	$740	$768	$1,197	$1,084	$1,648	$1,853
Enterprise value	$96,718	$84,214	$85,423	$98,223	$73,618	$60,989	$68,708	$51,353	$52,329	$41,123	$33,884	$32,837	$27,092	$16,868	$16,883	$18,509	$17,136	$16,108	$27,819	$24,730	$23,330	$22,015	$23,101	$18,246	$12,975	$6,611	$5,486	$7,335	$9,688	$8,030	$4,751	$3,366	$1,655	$1,743	$1,470	$1,555	$1,917	$2,217	$1,999	$2,176	$2,048
P/E (TTM) at period end	19.46×	16.38×	34.33×	17.15×	8.69×	15.03×	24.07×	11.93×	16.83×	17.91×	14.93×	14.87×	13.48×	8.49×	7.64×	8.50×	9.59×	–	13.62×	13.77×	13.89×	16.36×	20.27×	154.62×	18.33×	8.74×	7.29×	23.44×	17.10×	20.07×	13.48×	41.41×	16.62×	12.09×	4.19×	3.52×	–	–	11.51×	40.00×	8.64×
P/S (TTM) at period end	1.94×	1.67×	1.80×	2.29×	1.71×	1.30×	1.60×	1.28×	1.87×	1.49×	1.26×	1.28×	1.07×	0.67×	0.61×	0.62×	0.58×	0.52×	0.80×	0.70×	0.63×	0.59×	0.67×	0.58×	0.58×	0.70×	0.38×	0.51×	0.76×	0.58×	0.50×	0.22×	0.32×	0.26×	0.20×	0.13×	0.15×	0.21×	0.18×	0.29×	0.37×
P/B at period end	4.88×	4.47×	4.77×	5.48×	4.71×	4.53×	6.14×	4.71×	6.77×	6.82×	5.38×	4.25×	2.48×	1.77×	1.57×	1.30×	1.29×	1.15×	1.38×	1.28×	1.16×	1.06×	1.11×	0.69×	1.06×	1.36×	1.04×	1.60×	2.65×	2.21×	2.33×	1.12×	1.21×	1.17×	0.95×	0.72×	0.88×	1.19×	1.14×	1.83×	2.06×
EV / EBITDA (TTM)	16.17×	14.67×	22.04×	19.87×	10.68×	11.44×	13.13×	11.21×	14.17×	11.02×	9.56×	8.98×	7.49×	4.63×	4.42×	5.47×	6.07×	6.48×	7.96×	7.86×	7.95×	7.98×	10.63×	9.52×	7.87×	4.47×	4.04×	6.38×	7.46×	7.83×	5.82×	7.22×	3.85×	4.50×	2.81×	3.25×	7.86×	–	–	–	–
EV / Sales (TTM)	2.31×	2.05×	2.17×	2.68×	2.06×	1.66×	2.03×	1.71×	2.03×	1.68×	1.44×	1.37×	1.10×	0.67×	0.64×	0.66×	0.62×	0.61×	0.92×	0.82×	0.76×	0.74×	0.88×	1.06×	0.96×	0.87×	0.61×	0.82×	1.06×	0.99×	0.70×	0.50×	0.33×	0.31×	0.26×	0.28×	0.37×	0.38×	0.33×	0.39×	0.41×
Returns
Return on equity	25.1%	27.3%	13.9%	32.0%	54.2%	30.1%	25.5%	39.4%	40.2%	38.1%	36.0%	28.6%	18.4%	20.8%	20.5%	15.3%	13.4%	(10.6%)	10.1%	9.3%	8.3%	6.5%	5.5%	0.4%	5.8%	15.5%	14.3%	6.8%	15.5%	11.0%	17.3%	2.7%	7.3%	9.6%	22.7%	20.4%	(9.2%)	(3.1%)	9.9%	4.6%	23.8%
Return on invested capital	11.6%	11.7%	7.5%	10.2%	17.3%	14.7%	15.0%	15.5%	19.5%	25.2%	22.6%	24.2%	18.7%	21.8%	19.6%	15.6%	11.6%	8.0%	9.3%	8.4%	7.1%	6.6%	5.1%	4.2%	4.9%	13.5%	11.5%	8.3%	10.3%	7.3%	11.7%	3.3%	8.9%	10.0%	22.2%	10.6%	0.8%	0.7%	6.2%	4.1%	17.3%
Dividend yield	1.6%	1.7%	1.6%	1.3%	1.6%	2.0%	1.6%	2.1%	1.4%	1.7%	2.0%	1.8%	2.1%	3.2%	3.4%	3.1%	3.3%	3.8%	2.1%	1.9%	1.8%	1.8%	1.7%	2.1%	2.0%	2.1%	3.3%	2.4%	1.5%	1.9%	–	5.5%	4.8%	3.9%	5.0%	7.6%	7.3%	–	–	–	–
Financial health
Current ratio	1.10×	1.01×	1.15×	1.08×	1.30×	1.60×	1.13×	1.17×	2.34×	1.22×	1.16×	1.32×	1.63×	1.39×	1.26×	1.37×	1.43×	1.11×	1.05×	1.00×	0.95×	1.10×	0.90×	1.39×	0.89×	0.94×	1.13×	1.28×	1.08×	1.00×	1.21×	1.24×	1.45×	1.25×	1.51×	1.47×	1.06×	1.08×	0.76×	0.68×	0.69×
Debt / equity	0.94×	1.06×	0.94×	0.84×	0.99×	1.42×	1.57×	1.76×	2.14×	1.32×	1.18×	0.82×	0.56×	0.41×	0.38×	0.35×	0.32×	0.33×	0.25×	0.27×	0.33×	0.33×	0.37×	0.67×	0.74×	0.41×	0.68×	0.99×	1.06×	1.59×	0.94×	1.50×	0.12×	0.41×	0.47×	0.96×	1.32×	1.02×	0.97×	0.59×	0.23×
Effective tax rate	17.5%	16.8%	12.4%	16.1%	21.6%	14.5%	11.8%	13.7%	32.2%	23.8%	28.7%	29.6%	31.8%	33.3%	32.3%	19.5%	30.7%	44.7%	32.8%	31.2%	32.3%	32.3%	28.6%	30.9%	38.9%	35.9%	36.6%	37.8%	37.5%	39.1%	38.4%	46.2%	43.5%	32.8%	3.2%	32.7%	27.8%	42.7%	31.4%	16.8%	38.4%
Share count
Diluted shares outstanding	144	147	152	156	161	168	170	175	176	180	192	212	234	253	282	301	323	342	354	359	363	365	409	229	173	142	140	139	136	127	118	77	96	95	94	94	94	95	94	93	93

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$43,591	$41,954	$41,033	$39,290	$36,602	$35,667	$36,799	$33,841	$30,095	$25,803	$24,508	$23,526	$23,979	$24,661	$25,218	$26,412	$28,143	$27,650	$26,251	$30,341	$30,148	$30,721	$29,853	$26,206	$17,206	$13,558	$7,618	$8,995	$8,902	$9,153	$8,071	$6,818	$6,711	$5,063	$5,550	$5,694	$5,490	$5,248	$5,797	$6,052	$5,608	$5,057
Cost of revenue	($34,862)	($33,641)	($32,671)	($32,739)	($29,128)	($28,399)	($29,321)	($26,582)	($23,304)	($12,271)	($11,002)	($10,333)	($10,431)	($10,623)	($10,415)	($11,491)	($12,558)	($12,648)	($10,965)	($14,340)	($24,660)	($25,590)	($25,135)	($22,322)	($14,104)	($11,219)	($5,065)	($6,463)	($6,537)	($6,622)	($5,849)	($5,039)	($5,210)	($4,148)	($4,708)	($4,640)	($4,561)	($4,471)	($5,017)	($5,111)	($4,760)	($4,012)
Gross profit	$8,729	$8,313	$8,362	$6,551	$7,474	$7,268	$7,478	$7,259	$6,791	$13,532	$13,506	$13,193	$13,548	$14,038	$14,803	$14,921	$15,585	$15,002	$15,286	$16,001	$5,488	$5,131	$4,718	$3,884	$3,102	$2,339	$2,553	$2,532	$2,365	$2,531	$2,222	$1,779	$1,501	$915	$842	$1,054	$929	$777	$780	$942	$848	$1,045
Operating expenses
Research and development	–	($1,100)	($1,100)	($1,200)	($1,200)	($1,100)	($1,100)	($953)	($764)	($639)	($705)	($712)	($569)	($507)	($520)	($543)	($580)	($588)	($543)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($4,104)	($4,033)	($3,992)	($4,014)	($3,873)	($3,597)	($3,413)	($3,290)	($3,011)	($2,712)	($2,632)	($2,566)	($2,405)	($2,256)	($2,450)	($2,350)	($2,467)	($2,571)	($2,577)	($3,062)	($3,034)	($2,953)	($2,712)	($2,346)	($1,711)	($1,335)	($1,074)	($1,174)	($1,216)	($1,233)	($1,197)	($963)	($1,035)	($485)	($455)	($531)	($450)	($533)	($514)	($528)	($552)	($543)
Total operating expenses	($4,104)	($3,802)	($3,992)	($4,014)	($3,873)	($1,617)	($3,413)	($3,290)	($3,011)	($10,314)	($10,229)	($10,117)	($10,352)	($10,915)	($11,673)	($11,645)	($12,758)	($12,728)	($13,210)	($13,076)	($3,034)	($2,953)	($2,677)	($2,346)	($1,711)	($1,335)	($1,455)	($1,563)	($1,609)	($1,651)	($1,564)	($1,243)	($1,302)	($696)	($613)	($703)	($637)	($754)	($755)	($774)	($777)	($737)
Total costs and expenses	($38,966)	($37,443)	($36,663)	($36,753)	($33,001)	($30,016)	($32,734)	($29,872)	($26,315)	($22,585)	($21,231)	($20,450)	($20,783)	($21,538)	($22,088)	($23,136)	($25,316)	($25,376)	($24,175)	($27,416)	($27,694)	($28,543)	($27,812)	($24,668)	($15,815)	($12,554)	($6,520)	($8,026)	($8,146)	($8,273)	($7,413)	($6,282)	($6,512)	($4,844)	($5,321)	($5,343)	($5,198)	($5,225)	($5,772)	($5,885)	($5,538)	($4,749)
Operating income	$4,625	$4,511	$4,370	$2,537	$3,601	$5,651	$4,065	$3,969	$3,780	$3,218	$3,277	$3,076	$3,196	$3,123	$3,130	$3,276	$2,827	$2,274	$2,076	$2,925	$2,454	$2,178	$2,041	$1,538	$1,391	$1,004	$1,098	$969	$756	$880	$658	$536	$199	$219	$229	$352	$292	$23	$25	$167	$71	$308
Earnings
EBITDA	$6,149	$5,983	$5,740	$3,875	$4,943	$6,890	$5,332	$5,234	$4,580	$3,693	$3,733	$3,543	$3,658	$3,618	$3,640	$3,820	$3,382	$2,824	$2,486	$3,495	$3,145	$2,933	$2,758	$2,173	$1,916	$1,649	$1,479	$1,358	$1,149	$1,298	$1,025	$816	$466	$430	$387	$523	$478	$244	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($656)	($665)	($621)	($545)	($506)	($556)	($593)	($528)	($562)	($360)	($301)	($301)	($282)	($257)	($212)	($221)	($269)	($269)	($271)	($336)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,236	$5,068	$5,016	$2,346	$5,836	$8,938	$3,728	$2,548	$3,742	$4,229	$2,681	$2,790	$2,937	$2,863	$2,965	$3,083	$2,366	$2,070	$1,841	$2,606	$2,276	$2,044	$1,615	$1,131	$1,009	$699	$975	$762	$312	$651	$384	$409	$65	$170	$180	$277	$312	($112)	($54)	$137	$50	$348
Income tax expense	($716)	($886)	($842)	($290)	($940)	($1,933)	($539)	($300)	($513)	($1,360)	($638)	($800)	($868)	($911)	($987)	($997)	($462)	($636)	($823)	($855)	($709)	($661)	($522)	($323)	($312)	($272)	($350)	($279)	($118)	($244)	($150)	($157)	($30)	($74)	($59)	($9)	($102)	$31	$23	($43)	($8)	($134)
Net income	$4,520	$4,182	$4,174	$2,056	$4,896	$7,005	$3,189	$2,248	$3,229	$2,869	$2,043	$1,990	$2,069	$1,952	$1,978	$2,118	$2,053	$1,686	($1,262)	$1,790	$1,542	$1,400	$1,084	$866	$64	$427	$608	$467	$194	$407	$234	$252	$35	$96	$121	$268	$210	($80)	($31)	$94	$41	$214
Per share
Diluted EPS (GAAP)	$31.70	$29.08	$28.34	$13.53	$31.47	$43.54	$19.03	$13.22	$18.49	$16.34	$11.32	$10.39	$9.75	$8.35	$7.81	$7.52	$6.82	$5.21	($3.69)	$5.12	$4.37	$3.85	$2.97	$2.09	$1.84	$2.37	$4.29	$3.35	$1.40	$2.99	$2.08	$2.36	$0.46	$1.00	$1.28	$2.85	$2.24	($0.85)	($0.33)	$1.00	$0.45	$2.32
Basic EPS (GAAP)	$31.76	$29.14	$28.39	$13.57	$31.61	$43.70	$19.08	$13.28	$18.59	$16.45	$11.42	$10.51	$9.91	$8.50	$7.96	$7.65	$6.91	$5.28	($3.77)	$5.24	$4.46	$3.93	$3.01	$2.11	$1.87	$2.39	$4.31	$3.37	$1.42	$3.05	$2.11	$2.40	$0.46	$1.02	$1.28	$2.85	$2.24	($0.85)	($0.33)	$1.00	$0.45	$2.32
Basic shares outstanding	142	144	147	152	155	160	167	169	174	174	179	189	209	230	249	277	297	319	334	342	346	356	360	405	225	171	141	139	137	133	125	116	76	94	95	94	94	94	95	94	93	93
Margins
Gross margin	20.0%	19.8%	20.4%	16.7%	20.4%	20.4%	20.3%	21.5%	22.6%	52.4%	55.1%	56.1%	56.5%	56.9%	58.7%	56.5%	55.4%	54.3%	58.2%	52.7%	18.2%	16.7%	15.8%	14.8%	18.0%	17.3%	33.5%	28.1%	26.6%	27.7%	27.5%	26.1%	22.4%	18.1%	15.2%	18.5%	16.9%	14.8%	13.5%	15.6%	15.1%	20.7%
Operating margin	10.6%	10.8%	10.6%	6.5%	9.8%	15.8%	11.0%	11.7%	12.6%	12.5%	13.4%	13.1%	13.3%	12.7%	12.4%	12.4%	10.0%	8.2%	7.9%	9.6%	8.1%	7.1%	6.8%	5.9%	8.1%	7.4%	14.4%	10.8%	8.5%	9.6%	8.2%	7.9%	3.0%	4.3%	4.1%	6.2%	5.3%	0.4%	0.4%	2.8%	1.3%	6.1%
Net margin	10.4%	10.0%	10.2%	5.2%	13.4%	19.6%	8.7%	6.6%	10.7%	11.1%	8.3%	8.5%	8.6%	7.9%	7.8%	8.0%	7.3%	6.1%	(4.8%)	5.9%	5.1%	4.6%	3.6%	3.3%	0.4%	3.1%	8.0%	5.2%	2.2%	4.4%	2.9%	3.7%	0.5%	1.9%	2.2%	4.7%	3.8%	(1.5%)	(0.5%)	1.6%	0.7%	4.2%

Analyst consensus

Buy37 analysts

Bearish · 2 · Hold · 13 · Bullish · 22

Earnings history

	EPS	Estimate
Q4 2024	$6.39	$6.35	Beat
Q1 2025	$3.32	$6.24	Miss
Q2 2025	$7.11	$6.92	Beat
Q3 2025	$7.67	$6.44	Beat
Q4 2025	$7.23	$6.98	Beat
Q1 2026	$6.14	$6.06	Beat
Q2 2026	$7.68	$6.82	Beat
Q3 2026	$7.89	$7.18	Beat

Peers

Company overview

IPO dateDec 31, 1981

CEOKathy J. Warden

Employees95,000

SectorIndustrials

IndustryAerospace & Defense

CountryUS

ExchangeNew York Stock Exchange

Websitewww.northropgrumman.com

Northrop Grumman Corporation is a leading global player in the aerospace and defense sectors. Its Aeronautics Systems division is responsible for the full lifecycle of aircraft, from design and development to production, integration, and ongoing maintenance. This includes a diverse portfolio of crewed and uncrewed aerial platforms: advanced strategic long-range strike aircraft, tactical fighter and air superiority jets, and sophisticated airborne systems for battle management and command and control. Additionally, it specializes in autonomous uncrewed aircraft systems, such as high-altitude, long-endurance strategic intelligence, surveillance, and reconnaissance (ISR) platforms, alongside vertical take-off and landing tactical ISR systems. The Defense Systems segment focuses on creating and delivering a wide array of weapons and mission technologies. Its offerings encompass integrated battle management solutions, various weapons platforms, and specialized aircraft. Key products include command and control systems, munitions, and missiles, alongside precision strike capabilities. The segment is also at the forefront of propulsion technologies, offering both air-breathing and advanced hypersonic systems, as well as sophisticated gun systems and precision munitions. Beyond products, it provides comprehensive life-cycle support, including software services, ongoing maintenance, logistics, operational assistance, and modernization efforts for air, sea, and ground-based defense systems. Within its Mission Systems division, Northrop Grumman delivers critical capabilities spanning cybersecurity, C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance). This includes developing advanced sensing technologies such as radar, electro-optical/infrared, and acoustic sensors, alongside electronic warfare systems. The division also provides cutting-edge communications and networking solutions, intelligence processing, navigation systems, and maritime power, propulsion, and payload launch systems. Furthermore, it supplies airborne multifunction sensors, integrated maritime and land-based systems, targeting and survivability solutions, and robust networked information platforms. The Space Systems segment is a key provider of space-based solutions, delivering satellites and their associated payloads, along with essential ground control systems. It specializes in missile defense systems, including interceptors, and offers a range of launch vehicles with their propulsion components, as well as strategic missile technologies. Established in 1939, the corporation maintains its headquarters in Falls Church, Virginia.

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